Everpure Announces Fiscal Fourth Quarter and Full Year 2026 Financial Results
Full year 2026 revenue surpasses $3.6 billion, representing growth of 16% year-over-year
Delivers over $1 Billion in Q4 revenue, representing growth of 20% year-over-year
Q4 remaining performance obligations (RPO) growth of over 40% year-over-year
SANTA CLARA, Calif., Feb. 25, 2026 /PRNewswire/ -- Everpure (NYSE: PSTG), the company revolutionizing storage and data management, today announced financial results for its fiscal fourth quarter and full year 2026 ended February 1, 2026.
"Everpure delivered an outstanding fourth quarter, achieving our first billion-dollar revenue quarter and capping off a strong fiscal year," said Charles Giancarlo, Chairman and CEO of Everpure. "These results prove our impact in modernizing data storage. Our new name 'Everpure' represents the next step in our mission—enabling our customers to better manage and utilize their global data in the AI era."
Fourth Quarter and Full Year Financial Highlights
"In the fourth quarter, we generated record revenue and operating profit, exceeding the high end of our guidance," said Everpure CFO Tarek Robbiati. "We are entering FY27 with strong momentum as demand for our Everpure solutions across the Enterprise and Hyperscaler sectors remains robust. We are proactively navigating the global imbalances in the supply chain and are confident in our ability to deliver on our priorities this year."
Q4 and Full Year Company Highlights
Powering Data Management at Scale
Delivering Performance at Any Scale
Industry Recognition & Accolades
First Quarter and FY27 Guidance
Q1FY27
Revenue
$990M to $1.01B
Revenue YoY Growth Rate
27% to 30%
Non-GAAP Operating Income
$125M to $135M
Non-GAAP Operating Income YoY Growth Rate
51% to 63%
FY27
Revenue
$4.3B to $4.4B
Revenue YoY Growth Rate
17% to 20%
Non-GAAP Operating Income
$780M to $820M
Non-GAAP Operating Income YoY Growth Rate
23% to 29%
These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Everpure has not reconciled its guidance for non-GAAP operating income and related year-over-year growth rate to their most directly comparable GAAP measures because certain items that impact these measures are not within Everpure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.
Conference Call Information
Everpure will host a teleconference to discuss the fiscal fourth quarter and full year 2026 results at 2:00 pm PT today, February 25, 2026. A live audio broadcast of the conference call will be available on the Everpure Investor Relations website. Everpure will also post its earnings presentation and prepared remarks to this website concurrent with this release.
A replay will be available following the call on the Everpure Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.
Additionally, Everpure is scheduled to participate at the following investor conferences:
Bernstein 4th Annual TMT Forum
Date: Thursday, February 26, 2026
Time: 3:30 p.m. PT / 6:30 p.m. ET
Chief Executive Officer Charlie Giancarlo
Susquehanna 15th Annual Technology Virtual Conference
Date: Friday, February 27, 2026
Time: 9:20 a.m. PT / 12:20 p.m. ET
Chief Technology and Growth Officer Rob Lee
Morgan Stanley Technology, Media & Telecom Conference
Date: Monday, March 2, 2026
Time: 1:50 p.m. PT / 4:50 p.m. ET
Chief Financial Officer Tarek Robbiati
About Everpure
Everpure (NYSE: PSTG) allows organizations to take control of their data with an industry-leading, ever-evolving storage and data management platform. We help companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. We make data management effortless while simultaneously scaling performance and significantly reducing energy consumption. With one of the highest Net Promoter Scores for over a decade, Everpure is the choice of the world's most innovative organizations. For more information, visit www.Everpuredata.com.
The company will begin trading as Everpure on the New York Stock Exchange as of March 5, 2026. The ticker symbol (NYSE: PSTG) remains unchanged.
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Everpure, the Everpure P Logo, Portworx, Pure Storage and the marks in the Everpure Trademark List are trademarks or registered trademarks of Everpure Inc. or its licensed subsidiaries in the U.S. and/or other countries. The Trademark List can be found at everpuredata.com/trademarks. Other names may be trademarks of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our future period financial and business results, our ability to manage potential disruptions to our supply chain, our ability to procure a sufficient supply of flash and other components, the impact of recent increases in component costs, the anticipated effects and timing of our pending acquisition of 1touch, our opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers' performance, price and other requirements, our ability to expand with our current hyperscale customer and to land new hyperscale customers, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers and large enterprises, the structure, timing and amount of revenue from hyperscaler licensing and support services, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically ongoing development and customer adoption of new products and the Enterprise Data Cloud architecture (including Everpure Fusion), priorities around sustainability and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, the impact of inflation, currency fluctuations, tariffs, or other adverse economic conditions, our expectations regarding our product and technology differentiation, new investments and partnerships, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.everpuredata.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025. All information provided in this release and in the attachments is as of February 25, 2026, and Everpure undertakes no duty to update this information unless required by law.
Key Performance Metrics
Subscription ARR is a key business metric that refers to the annualized recurring contract value of all active, non-cancelable customer subscription agreements with subscription terms of any length at the end of the quarter, plus on-demand billings for the quarter multiplied by four.
Total Contract Value (TCV) Sales, or bookings, of Everpure's Evergreen//One and similar consumption- and subscription-based offerings is an operating metric, representing the value of orders received during the period.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Everpure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of acquired intangible assets, restructuring costs related to severance and termination benefits, costs associated with the impairment and early exit of certain leased facilities, and gains and losses from mark-to-market adjustments on strategic investments that may not be indicative of our ongoing core business operating results. Everpure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release.
EVERPURE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
At the End of Fiscal
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 854,873
$ 723,583
Marketable securities
692,446
798,237
Accounts receivable, net of allowance of $203 and $940
944,844
680,862
Inventory
75,935
42,810
Deferred commissions, current
139,379
99,286
Prepaid expenses and other current assets
356,015
222,501
Total current assets
3,063,492
2,567,279
Property and equipment, net
587,022
461,731
Operating lease right-of-use assets
185,975
146,655
Deferred commissions, non-current
280,190
229,334
Intangible assets, net
7,346
19,074
Goodwill
365,075
361,427
Restricted cash
7,687
12,553
Other assets, non-current
177,472
165,889
Total assets
$ 4,674,259
$ 3,963,942
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 153,312
$ 112,385
Accrued compensation and benefits
347,205
230,040
Accrued expenses and other liabilities
184,338
156,791
Operating lease liabilities, current
44,080
43,489
Deferred revenue, current
1,181,055
953,836
Debt, current
—
100,000
Total current liabilities
1,909,990
1,596,541
Operating lease liabilities, non-current
172,063
137,277
Deferred revenue, non-current
1,046,442
841,467
Other liabilities, non-current
100,096
82,182
Total liabilities
3,228,591
2,657,467
Stockholders' equity:
Common stock and additional paid-in capital
2,624,790
2,674,533
Accumulated other comprehensive income
1,709
954
Accumulated deficit
(1,180,831)
(1,369,012)
Total stockholders' equity
1,445,668
1,306,475
Total liabilities and stockholders' equity
$ 4,674,259
$ 3,963,942
EVERPURE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2026
2025
2026
2025
Revenue:
Product
$ 618,471
$ 494,780
$ 1,971,678
$ 1,699,494
Subscription services
440,432
385,062
1,691,165
1,468,670
Total revenue
1,058,903
879,842
3,662,843
3,168,164
Cost of revenue:
Product (1)
208,092
189,901
651,444
575,347
Subscription services (1)
110,724
95,940
433,446
380,108
Total cost of revenue
318,816
285,841
1,084,890
955,455
Gross profit
740,087
594,001
2,577,953
2,212,709
Operating expenses:
Research and development (1)
243,161
215,009
963,291
804,405
Sales and marketing (1)
323,269
263,845
1,181,488
1,020,914
General and administrative (1)
86,459
72,680
318,358
286,231
Restructuring and impairment (2)
—
—
—
15,901
Total operating expenses
652,889
551,534
2,463,137
2,127,451
Income from operations
87,198
42,467
114,816
85,258
Other income (expense), net
20,323
11,892
109,468
62,576
Income before provision for income taxes
107,521
54,359
224,284
147,834
Income tax provision
7,269
11,924
36,103
41,095
Net income
$ 100,252
$ 42,435
$ 188,181
$ 106,739
Net income per share attributable to common
stockholders, basic
$ 0.30
$ 0.13
$ 0.57
$ 0.33
Net income per share attributable to common
stockholders, diluted
$ 0.29
$ 0.12
$ 0.55
$ 0.31
Weighted-average shares used in computing net
income per share attributable to common
stockholders, basic
330,458
326,504
328,540
325,774
Weighted-average shares used in computing net
income per share attributable to common
stockholders, diluted
346,074
343,109
342,992
342,704
(1) Includes stock-based compensation expense as follows:
Cost of revenue -- product
$ 4,365
$ 3,168
$ 16,158
$ 12,611
Cost of revenue -- subscription services
9,216
7,979
34,230
32,611
Research and development
64,827
50,668
238,021
201,058
Sales and marketing
29,280
24,025
104,189
96,355
General and administrative
25,809
16,510
89,054
78,671
Total stock-based compensation expense
$ 133,497
$ 102,350
$ 481,652
$ 421,306
(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
EVERPURE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2026
2025
2026
2025
Cash flows from operating activities
Net income
$ 100,252
$ 42,435
$ 188,181
$ 106,739
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
40,332
29,125
147,815
126,654
Stock-based compensation expense
133,497
102,350
481,652
421,306
Noncash portion of lease impairment and abandonment
—
1,360
—
4,630
Gain on equity security
—
—
(27,486)
—
Other
3,307
3,061
14,015
8,168
Changes in operating assets and liabilities:
Accounts receivable, net
(323,905)
(102,638)
(264,051)
(18,640)
Inventory
6,418
551
(35,807)
(1,039)
Deferred commissions
(70,086)
(31,111)
(90,949)
(24,289)
Prepaid expenses and other assets
(39,201)
(56,213)
(159,530)
(121,657)
Operating lease right-of-use assets
10,030
8,251
41,454
34,162
Accounts payable
25,645
9,842
37,702
30,439
Accrued compensation and other liabilities
125,616
101,212
161,486
30,261
Operating lease liabilities
(10,999)
(13,564)
(46,591)
(43,917)
Deferred revenue
267,093
113,847
432,194
200,781
Net cash provided by operating activities
267,999
208,508
880,085
753,598
Cash flows from investing activities
Purchases of property and equipment (1)
(66,552)
(56,086)
(264,344)
(226,727)
Purchases of strategic investments
(2,405)
(24,999)
(2,405)
(31,080)
Acquisition
—
—
(4,263)
—
Purchases of marketable securities and other
(133,625)
(165,495)
(459,420)
(473,497)
Sales of marketable securities
66,770
39,734
361,751
100,975
Maturities of marketable securities
53,500
82,151
208,127
412,129
Sale of strategic investment
—
—
52,485
—
Net cash used in investing activities
(82,312)
(124,695)
(108,069)
(218,200)
Cash flows from financing activities
Proceeds from exercise of stock options
176
5,973
18,377
27,167
Proceeds from issuance of common stock under employee stock purchase plan
—
—
56,042
51,736
Payments of financing costs for revolving credit facility
—
—
(2,080)
—
Principal payments on borrowings and finance lease obligations
(92)
(2,397)
(103,534)
(8,118)
Tax withholding on equity awards
(67,704)
(64,996)
(270,944)
(206,587)
Repurchases of common stock
(127,201)
(191,978)
(342,648)
(373,977)
Net cash used in financing activities
(194,821)
(253,398)
(644,787)
(509,779)
Net increase (decrease) in cash and cash equivalents and restricted cash
(9,134)
(169,585)
127,229
25,619
Cash, cash equivalents and restricted cash, beginning of period
874,113
907,335
737,750
712,131
Cash, cash equivalents and restricted cash, end of period
$ 864,979
$ 737,750
$ 864,979
$ 737,750
(1) Includes capitalized internal-use software costs of $10.3 million and $5.5 million for the fourth quarter of fiscal 2026 and 2025 and $36.3 million and $21.2 million for fiscal 2026 and 2025.
Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2026
2025
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 4,365
(c)
$ 3,168
(c)
104
(d)
58
(d)
1,615
(e)
3,306
(e)
Gross profit --
product
$ 410,379
66.4 %
$ 6,084
$ 416,463
67.3 %
$ 304,879
61.6 %
$ 6,532
$ 311,411
62.9 %
$ 9,216
(c)
$ 7,979
(c)
302
(d)
317
(d)
66
(e)
—
Gross profit --
subscription services
$ 329,708
74.9 %
$ 9,584
$ 339,292
77.0 %
$ 289,122
75.1 %
$ 8,296
$ 297,418
77.2 %
$ 13,581
(c)
$ 11,147
(c)
406
(d)
375
(d)
1,681
(e)
3,306
(e)
Total gross profit
$ 740,087
69.9 %
$ 15,668
$ 755,755
71.4 %
$ 594,001
67.5 %
$ 14,828
$ 608,829
69.2 %
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate amortization expense of acquired intangible assets.
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fiscal Year Ended
2026
GAAP results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 16,158
(c)
637
(d)
208
(e)
10,628
(f)
Gross profit -- product
$ 1,320,234
67.0 %
$ 27,631
$ 1,347,865
68.4 %
$ 34,230
(c)
2,120
(d)
632
(e)
66
(f)
Gross profit -- subscription services
$ 1,257,719
74.4 %
$ 37,048
$ 1,294,767
76.6 %
$ 50,388
(c)
2,757
(d)
840
(e)
10,694
(f)
Total gross profit
$ 2,577,953
70.4 %
$ 64,679
$ 2,642,632
72.1 %
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate amortization expense of acquired intangible assets.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2026
2025
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
$ 133,497
(c)
$ 102,350
(c)
3,087
(d)
3,374
(d)
1,911
(e)
3,536
(e)
—
1,360
(f)
Operating income
$ 87,198
8.2 %
$ 138,495
$ 225,693
21.3 %
$ 42,467
4.8 %
$ 110,620
$ 153,087
17.4 %
$ 133,497
(c)
$ 102,350
(c)
3,087
(d)
3,374
(d)
1,911
(e)
3,536
(e)
—
1,360
(f)
104
(g)
153
(g)
Net income
$ 100,252
$ 138,599
$ 238,851
$ 42,435
$ 110,773
$ 153,208
Net income per share -- diluted
$ 0.29
$ 0.69
$ 0.12
$ 0.45
Weighted-average shares used in per share calculation -- diluted
346,074
—
346,074
343,109
—
343,109
(a) GAAP operating margin is defined as GAAP operating income divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate amortization expense of acquired intangible assets.
(f) To eliminate lease impairment charges associated with cease-use of our former corporate headquarters.
(g) To eliminate amortization expense of debt issuance costs related to our debt.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fiscal Year Ended
2026
GAAP results
GAAP
operating
margin (a)
Adjustment
Non- GAAP
results
Non- GAAP
operating
margin (b)
$ 481,652
(c)
21,074
(d)
5,489
(e)
11,615
(f)
Operating income
$ 114,816
3.1 %
$ 519,830
$ 634,646
17.3 %
(a) GAAP operating margin is defined as GAAP operating income divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate amortization expense of acquired intangible assets.
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fiscal Year Ended
2026
2025
2026
2025
Net cash provided by operating activities
$ 267,999
$ 208,508
$ 880,085
$ 753,598
Less: purchases of property and equipment (1)
(66,552)
(56,086)
(264,344)
(226,727)
Free cash flow (non-GAAP)
$ 201,447
$ 152,422
$ 615,741
$ 526,871
(1) Includes capitalized internal-use software costs of $10.3 million and $5.5 million for the fourth quarter of fiscal 2026 and 2025 and $36.3 million and $21.2 million for fiscal 2026 and 2025.
SOURCE Everpure